The Yamuna Expressway Industrial Development Authority (YEIDA) has issued notices to eight builders for allegedly diverting Rs 8.40 billion meant for completing flats, a couple of days after a similar move by the Noida Authority against 11 developers.

YEIDA has directed the eight builders to open within a month escrow accounts and deposit the amounts allegedly diverted, failing which it has threatened to file police complaints against them.

The notices drew a scathing reaction from the developers, who termed the allegations unfounded and malicious< reports TTN.

Arun Vir Singh, the CEO of YEIDA, said, “These eight builders include Logix Buildstate Pvt Ltd (Rs 378.4 million), Greenbay Infrastructure Pvt Ltd (Rs 1.73 billion), Oasis Realtech Pvt Ltd (Rs 80 million), Sunworld City Pvt Ltd (Rs 275.5 million), SDS Infracon Pvt Ltd (Rs 1.82 billion), Three C Homes Pvt Ltd (Rs 279.3 million), Supertech Township Projects Ltd (Rs 2.63 billion) and ATS Realty Pvt Ltd (Rs 1.21 billion).

He added, “Action will be taken in the interest of homebuyers. These builders were to hand over about 8,000 housing units, including flats and plots, to the buyers. The developers have been given 30 days to open escrow accounts with the Authority or face action.”

YEIDA also directed builders of 28 projects to pay up Rs 35 billion they owe to it within the same time frame or face recovery proceedings.

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